March 2023 – Page 2

Prepayments Rebound from All-Time Low

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Overall Mortgage Delinquencies Inch Up As 30-Days Late Payments Rise Black Knight, Inc. (NYSE:BKI) reports the following “first look” at February 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.45%Month-over-month change: 1.96%Year-over-year change: -12.56% Total U.S. foreclosure pre-sale inventory rate: 0.46%Month-over-month change: 0.81%Year-over-year change: 15.18% Total U.S. foreclosure starts: 29,000 Month-over-month change: -9.35%Year-over-year change: -4.15% Monthly prepayment rate (SMM): 0.35%Month-over-month change: 6.23%Year-over-year change: -71.46% Foreclosure sales: 7,100Month-over-month change: 2.46%Year-over-year change: 41.53% Number of properties that are 30 or more days past due, but not in foreclosure: 1,811,000Month-over-month change: 36,000Year-over-year change: -235,000 Number of properties that are 90 or more days past due, but not in foreclosure: 562,000Month-over-month change: -17,000Year-over-year change: -383,000 Number of properties in foreclosure pre-sale inventory: 240,000Month-over-month change: 2,000Year-over-year change: 34,000 Number of properties that are 30 or more days past due or in foreclosure: 2,050,000Month-over-month change: 38,000Year-over-year change: -200,000 Top 5 States by Non-Current* Percentage Mississippi: 7.94 % Louisiana: 7.65 % Alabama: 5.80 % Arkansas 5.21 % West Virginia: 5.20 % Bottom 5 States by Non-Current* Percentage California: 2.32 % Montana: 2.26 % Idaho: 2.16 % Colorado: 2.10 % Washington: 2.05 % Top 5 States by 90+ Days Delinquent Percentage Mississippi: 2.54 % Louisiana: 2.22 % Alabama: 1.75 % Arkansas: 1.57 % Georgia: 1.40 % Top 5 States by 12-Month Change in Non-Current* Percentage Alaska: -24.05 % Vermont: -22.36 % Connecticut: -19.93 % New York: -19.12 % District of Columbia: -17.34 % Bottom 5 States by 12-Month Change in Non-Current* Percentage South Dakota: -1.41 % Florida: -2.58 % Idaho: -2.59 % Michigan: -3.60 % Utah: -3.75 % *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.Notes:1) Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.2) All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred. For a more detailed view of this month’s “first look” data, please visit the Black Knight newsroom. The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.blackknightinc.com/data-reports/ by April 3, 2023. For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.

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The typical U.S. homebuyer made a $42,000 down payment in January, the lowest level in nearly two years, amid rising mortgage rates and low competition The typical U.S. homebuyer’s down payment fell 10% year over year in January to $42,375, its lowest level in nearly two years, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. The median down payment was down 35% from the peak it reached in June, but still up more than 30% from pre-pandemic levels. The median down payment in January was equal to 10% of the purchase price, down from 13.6% a year earlier and the pandemic-era peak of 17.5% in May. The last time down-payment percentages were this low was early 2021, before the pandemic homebuying boom drove buyers to put more money down to make their offers more attractive. Down payments are falling for several reasons: “One silver lining of high mortgage rates and economic turmoil is that they’ve slowed competition,” said Redfin Senior Economist Sheharyar Bokhari. “That means buyers are often able to purchase a home without facing a bidding war and don’t need to fork over a huge portion of their savings for a down payment to grab sellers’ attention. Today’s buyers are also able to save money in other ways: Nearly half of sellers are offering concessions, like helping pay for a mortgage-rate buydown or covering closing costs, to attract buyers.” Share of homes bought in cash hits nine-year high Nearly one-third (32.1%) of U.S. home purchases were paid for with all cash in January, up from 29.7% a year earlier and the highest share in nine years. Buyers—especially affluent ones—are increasingly paying in cash to avoid taking on a high mortgage rate. Cash purchases were also common during the homebuying frenzy of 2021 and early 2022, but for a different reason: Buyers back then were offering cash to beat out the competition. FHA, VA loans are more prevalent in today’s slow housing market Sixteen percent of mortgaged home sales used an FHA loan in January, up from 13.3% a year earlier and the highest share since April 2020. The share of mortgaged sales using VA loans rose to their highest level in more than two years, climbing to 7.5% from 6.1% a year earlier. FHA and VA loans, which typically allow for lower down payments than conventional loans, have become more prevalent as the market has cooled and affordability has waned. Most sellers are receiving just one offer for their home–a reversal from the hyper-competitive pandemic housing market–making sellers much more likely to accept FHA and VA loans. Sellers can’t afford to be picky about loan types if they receive just one offer. Conventional loans are still by far the most common type. More than three-quarters (76.3%) of borrowers used a conventional loan–but that’s the lowest share since June 2020. To read the full report, including charts, methodology and metro-level data, visit: https://www.redfin.com/news/down-payments-decline-all-cash-january-2023/

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Company also appoints financial veteran Brett Behrens to head agency servicing BSI Financial Services, a mortgage operating platform, announced Harold Lewis has been hired as president and COO. In this newly created position, Lewis will be responsible for scaling BSI Financial’s platform and delivering value to its customers through the combination of improved operational efficiency, reduced risks, technology advancements and exceptional talent. Prior to joining BSI Financial, Lewis served as president and COO of Nationstar Mortgage (dba Mr. Cooper), where he led the growth of the company’s servicing portfolio from $30 billion to $400 billion and its mortgage origination portfolio from $1.8 billion to $25 billion. Prior to Nationstar, Lewis held several C-Suite and senior executive positions, including COO at CitiMortgage, COO of residential real estate at Fannie Mae, president of NationsCredit for Bank of America/Barnett Bank, and COO of Resource Bancshares Mortgage Group. Most recently, he served as a senior advisor at McKinsey & Company. In addition, Lewis currently serves on the board of directors at Upbound (dba Rent-a-Center and Acima) and on its audit and compensation committees. “I am excited to welcome an exceptional industry leader like Harold to our leadership team,” said Gagan Sharma, founder and CEO of BSI Financial. “As we scale BSI in these changing times for our industry, Harold’s leadership and expertise will ensure that we deliver a best-in-class customer experience while minimizing risk.” “I am thrilled to be joining BSI Financial Services and look forward to working with our talented team to drive further growth and create increasing value for our customers,” said Lewis, who will report to Sharma. Larry Goldstone, BSI Financial’s president of capital markets and lending, said, “I am pleased to have Harold join our management team as president and COO, taking over responsibility for the management of all operational aspects of our platform. As we look ahead, our growth plans and aspirations require a person with Harold’s talent and experience and will ensure our collective success.” BSI Financial also announced the appointment of Brett Behrens to head agency servicing. He will report directly to Lewis. Behrens has more than 33 years of financial services experience, including over 20 years in servicing management. Most recently, he was a business development executive with Aspen Capital, a private equity firm specializing in the acquisition and servicing of residential and commercial real estate loans. Behrens has also held management positions at Calmco Servicing, Wilshire Credit Corporation/Seterus, Wealthbridge Mortgage Corporation and FCI Lender Services. “I want to congratulate Brett on his new role. He is a great example of the talented team members we have at BSI,” said Sharma. BSI Financial’s cloud based, open API and AI driven platform is built from the ground up to transform the mortgage servicing experience for all stakeholders. Its end-to-end digital servicing platform enables investors and originators to transact seamlessly, with automated loan boarding, investor reporting and data-driven loan monitoring through the lifecycle of the mortgage. The company’s digital homeowner interface offers the convenience of mobile-friendly UX and multi-channel service that ensures high customer retention and satisfaction, further enhancing the value proposition for originators and investors. BSI Financial has also built a proprietary AI-driven compliance automation and workflow that ensures complex, state-by-state regulations are kept up-to-date and acted on with precision and certainty, providing real-time visibility into the mortgage details and exceptions. In addition, Bizzy Labs, the company’s subsidiary, offers a SaaS RegTech solution to external servicers and investors. About BSI Financial ServicesBSI Financial Services is leading the evolution of mortgage servicing for originators, investors and homeowners. The company brings together a talented team with long mortgage industry expertise, scalable digital capabilities and deep regulatory understanding. BSI Financial is one of the fastest growing mortgage servicers across the industry and currently services more than $50 billion in mortgages. The company is approved as a servicer by Fannie Mae, Freddie Mac, FHA and VA, approved as an issuer by Ginnie Mae, and rated by S&P and Fitch as a servicer. For more information, visit www.bsifinancial.com.

The 3 Levels of Development and Why They Matter

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Ted Studdard is a retired US Marine Colonel with over 30 years of leadership experience in the military. Today, he uses his background and experience to help professionals become better leaders in their chosen fields. Listen to this episode to learn more about Ted, his experience as a military leader, and how he is using his background to develop better business leaders today! Key Talking Points of the Episode 00:00 Introduction 00:47 Who is Ted Studdard? 02:14 What does Ted do today? 03:20 What should people be focused on today? 04:57 Why is it important to build people up? 08:08 Why do leaders need to learn how to delegate? 13:56 How can we become better leaders? 16:19 How does someone know what skills they need to improve? 21:20 What is the right way to delegate to your team? 23:07 What makes a good leader? 25:42 What prevents people from growing? 29:11 What are some leadership traps people can fall into? 33:11 What is Ted’s advice to young entrepreneurs? 36:14 What is the importance of understanding the real value networking? 38:59 How can veterans overcome the struggle with structure outside the military? 45:21 Why is it important to pay attention to the way you speak as a leader? 48:53 What is Ted’s book about? Quotables “As entrepreneurs or any leader, we gravitate to doing things. We’re doers, but if we can get all those other people, think about how that exponentially raises what we are capable of accomplishing.” “I think in our professional lives and personal lives, we need a network of people, not that’s always going to tell us yes, not always to agree with us, but folks to tell us real, unfiltered feedback.” “A good leader is a good teacher, a good mentor – you have to be able to teach and help people grow.” “I think as human beings, we’re sometimes reluctant to ask for feedback because we love the good feedback, but we don’t like the feedback that’s really important and sometimes, that negative feedback, we need to hear to grow from.” “As leaders, sometimes we get so caught up that we put our ego in front of the organization or the mission, just like I did.” Links Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/ Book: Depot to Depot https://www.amazon.com/Depot-Transfor… Website: The Studdard Company https://thestuddardcompany.com/ LinkedIn: Ted Studdard https://www.linkedin.com/in/tedstuddard

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A New Era in Home Building: Open House Lets You Experience 3D Printed Home First-Hand SQ4D LLC (SQ4D) has listed for sale the Largest 3D printed home in the United States. This residential property, printed on site using SQ4D’s revolutionary Autonomous Robotic Construction System (ARCS), is the largest 3D printed home to ever hit the market and is listed on MLS for sale as new construction for $499,999. Open house dates and times are listed at: https://www.zillow.com/homedetails/42-Dean-St-Islandia-NY-11749/32667036_zpid/? This 3D printed home is 2000 square feet of modern living space set on approximately ¼ acre, and features an open floor plan with 4 bedrooms and 2 full bathrooms. The concrete home delivers strength and durability that conventional wood-frame construction cannot match. SQ4D currently builds over 40% of the structure by printing the footings, foundation walls, slab, interior and exterior walls on site. SQ4D’s competitors print only walls (accounting for 8-11% of the home), and use a complicated mix with dozens of chemicals. SQ4D’s proprietary hardware and software enables the use of store bought concrete, which can be easily understood by building departments nationwide. A Concrete Solution to the Affordable Housing Crisis SQ4D’s 3D printing technology can drive a lasting solution to the housing crisis by drastically reducing the cost and time of construction as compared to traditional methods that are antiquated and wasteful. The developer on this project, Charles Wienraub, said, “After building and renovating over 400 homes in the past 5 years, I could no longer keep up with the increased cost of building supplies and an incredibly difficult labor market. I have now completely pivoted my business to 3D printing as a way to create beautiful sustainable homes while turning a healthy profit”. SQ4D’s listing of the first 3D printed home in 2021 forever changed the construction and housing industries. Now with homes of this size and greater, the 3D printed home revolution may finally begin. The company’s tagline, “Changing The Way The World Is Built™”, is becoming a reality. SQ4D just received approval on a 25 house subdivision in New York, plans to work with Habitat for Humanity this summer, and has many more exciting projects lined up. SQ4D LLC is a construction technology company from Patchogue, NY, that produces 3D home printers for building residential homes and commercial buildings. If you would like more information about SQ4D, please call 1-844-773-3669, visit www.sq4d.com or email info@sq4d.com CONTACT: Kristen HenrySQ4D LLC|(844) 773-3669315 W Main St Patchogue, NY 11772info@sq4d.com SOURCE SQ4D Inc.

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Highest Potential SFR Returns in Indian River, Collier, Wayne, Mercer, Charlotte Counties;Best Returns Concentrated in South, Midwest and Northeast, Lowest in West;Rental Returns Increase From 2022 in About 90 Percent of Counties Analyzed, Reversing Years of Decline ATTOM, a leading curator of land, property, and real estate data, released its Q1 2023 Single-Family Rental Market report, which ranks the best U.S. markets for buying single-family rental properties in 2023. The report analyzed single-family rental returns in 212 U.S. counties with a population of at least 100,000 and sufficient rental and home price data. The analysis for this report incorporated median rents on 3-bedroom properties and median single-family home prices collected from ATTOM’s nationwide property database, as well as publicly recorded sales deed data licensed by ATTOM. The report shows that the average annual gross rental yield on three-bedroom properties, (annualized gross rent income divided by purchase price) among the 212 counties analyzed is projected to be 7.5 percent in 2023. That is up from an average of 6.7 percent in 2022 in those same markets and marked the first time since at least 2019 that the figure rose across the country. The single-family rental yield is increasing from 2022 to 2023 in 91 percent of those counties, after declining from 2021 to 2022 in 72 percent of them. With rental yields on the rise, rents are increasing faster than home prices across most of the country. From 2022 to 2023, three-bedroom rents rose more than single-family home prices in 192, or 91 percent, of the markets analyzed. Rents commonly have risen by around 5 percent to 20 percent over the past year, while changes in home values have typically ranged from a 5 percent loss to a 5 percent gain. “The broader housing market didn’t fare nearly as well in 2022 as it did in 2021. Prices finally hit the wall, at least temporarily. But that appears to be benefitting the growing number of investors around the U.S. who rent out single-family properties,” said Rob Barber, chief executive officer at ATTOM. “Rents for single-family homes are growing while prices have flattened out, which has helped boost yields for landlords for the first time in at least several years.” The improving scenario for single-family landlords has come following a year in which the U.S. housing-market changed course. The nation’s 11-year price runup abruptly stalled as home-mortgage rates doubled to near 7 percent, consumer price inflation remained at 40-year highs and the stock market fell. All those factors cut into what prospective home buyers could afford, helping to lower the nationwide home price by 8 percent in the second half of 2022 but allowing rental yields to rise. Additional price declines “could cut both ways for landlords,” Barber added. “They could raise yields even more but also rekindle super-heated demand for home purchases, away from rentals.” Top rental returns in Indian River, Collier, Wayne, Mercer and Charlotte counties, as well as other parts of South, Midwest and Northeast regionsCounties with the highest potential annual gross rental yields for 2023 are Indian River County, FL, in the Sebastian-Vero Beach metro area (15 percent); Collier County, FL, in the Naples metro area (14.7 percent); Wayne County, MI, in the Detroit metro area (13 percent); Mercer County, NJ, in the Trenton metro area (12.7 percent) and Charlotte County, FL, in the Punta Gorda metro area (12 percent). Aside from Wayne County, the highest potential annual gross rental yields in 2023 among counties with a population of at least 1 million are in Cook County (Chicago), IL (11.5 percent); Cuyahoga County (Cleveland), OH (10.1 percent); Oakland County, MI (outside Detroit) (9.1 percent) and Palm Beach County (West Palm Beach), FL (8.5 percent). Among the top 50 rental returns for counties analyzed in 2023, 29 are in the South, with another 13 in the Midwest and eight in the Northeast. None are in the West. Rental returns increase in most counties analyzedPotential annual gross rental yields for 2023 have increased compared to 2022 in 192 of the 212 counties analyzed in the report (91 percent). They are led by Orange County, CA (outside Los Angeles) (yield up 42.7 percent); San Mateo County, CA (outside San Francisco) (up 41.6 percent); Suffolk County (Boston), MA (up 41.2 percent); New Castle County (Wilmington), DE (up 40.5 percent) and San Francisco County, CA (up 38.1 percent). Aside from Orange County, the biggest increases in potential annual gross rental yields from 2022 to 2023 among counties with a population of at least 1 million are in Miami-Dade County, FL (yield up 34.1 percent); Broward County (Fort Lauderdale), FL (up 32.4 percent); Santa Clara County (San Jose), CA (up 30.1 percent) and Palm Beach County (West Palm Beach), FL (up 29.5 percent). The only counties with a population of 1 million or more showing decreases in potential gross rental yields from 2022 to 2023 are St. Louis County, MO (yield down 19.8 percent); Nassau County, NY (outside New York City) (down 2.2 percent) and Collin County (Plano), TX (down 0.4 percent). Lowest rental returns in San Francisco, San Jose, Provo, Honolulu and Washington, D.C., metro areas, along with other western marketsCounties with the lowest potential annual gross returns for 2023 on three-bedroom rentals are Santa Clara County, CA, in the San Jose metro area (3.3 percent); San Mateo County, CA, in the San Francisco metro area (3.7 percent); Utah County, CA, in the Provo metro area (3.8 percent); Honolulu County in the Honolulu, HI, metro area (4.2 percent) and Loudoun County, VA (4.2 percent). Aside from Santa Clara and Honolulu counties, the lowest potential annual gross rental yields in 2023 among counties with a population of at least 1 million are in Alameda County (Oakland), CA (4.3 percent); Fairfax County, VA (outside Washington, D.C.) (4.3 percent) and Montgomery County, MD (outside Washington, D.C.) (4.5 percent). Among the bottom 50 potential rental returns for counties analyzed 2023, 34 are in the West and 14 are in the South. The Northeast and the Midwest have just one each. Rents rising faster than wages in two-thirds of counties measuredRental amounts are rising faster than wages in 147 of the 212 counties analyzed (69 percent), including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; San Diego County, CA, and Orange County, CA (outside Los Angeles). Wages are increasing faster than rents in 65 of the 212 counties analyzed (31 percent), including Maricopa County (Phoenix), AZ; Dallas County, TX; Clark County (Las Vegas), NV; Tarrant County (Fort Worth), TX, and Hillsborough County (Tampa), FL. Rents rising faster than home prices in 91 percent of nationRental amounts are rising faster than home prices in 192 of the 212